Report: Wealthy turn to watches and jewellery

First published: 26-06-2009

The past bastions of wealthy investment are gone according to a new report, though watches and jewellery are becoming the most popular purchase for the privileged, it has been found.

According to the Merrill Lynch World Wealth Report, the number of rich people in Britain has taken a huge hit in the last year, with those owning $1 million (£608,000) or more falling by a quarter to 362,000 - a marked drop of 131,000 individuals.

However, watches and jewellery are not being weathered by the credit crunch, despite the likes of handbags, clothes and other luxury goods falling, showing the lasting appeal and value of timepieces and precious metals such as gold and platinum.

Commenting on the statistics, the Daily Mail reported Nick Tucker of Merrill Lynch as saying: "The financial crisis and economic uncertainty clearly had an impact on lifestyle spending."

One company profiting despite the credit crunch is Fossil watches, which may be taking advantage of these desires from the rich, as it jumped into Standard & Poor's MidCap 400 index from the SmallCap 600.

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